While no one likes to think that it could happen to them, consumers in North Carolina are sometimes treated unfairly or taken advantage of by banks and other lenders. Such deceitful practices are part of what led to the Great Recession and a great number of people felt the effects of the economic downturn.
That is why, in response to the financial crisis, the Consumer Financial Protection Bureau was created in 2011. According to Consumer Reports, it was the first government agency of its kind whose purpose was to look out for the interests of consumers. It also consolidated a number of regulations and put them all under the umbrella of a single agency. Since it came into existence, the CFPB has been involved in several high-profile cases, including the Wells Fargo account scandal. It has also taken aim at cracking down on abusive mortgage and student loan lending practices.
Unfortunately, not many Americans are well-informed about the CFPB or what it does; however, those that are have a favorable opinion of it. Supporters point to the billions of dollars it has refunded to American consumers, the financial protections it affords and the services it provides.
However, some in the federal government oppose the CFPB, arguing that it costs businesses too much money and does not have enough accountability. In fact, Forbes reports that a lawsuit is pending, which asserts that the CFPB’s structure is unconstitutional. The Trump administration wants to remove the current head of the agency and replace him with a board of commissioners that would function more in line with its pro-business ideology.